Callouts & quotes from 26,677+ activist slides

"A reduction in guidance of Same Store NOI growth by 2.25% from the guidance midpoints (i.e. from 1.5% to -0.75%) resulted in a stock down 48% over a 5 month period."

"Twist operates in a commodity, crowded, hyper-competitive space with a me-too offering and has self-selected for a bottom-of-the-barrel price-seeking customer base."

"Its homepage opens with women dressed in normal work garb, and highlights its value proposition as say “no to high turnover” and “no to unnecessary overhead costs.”"

"BK can create $11 - $21 per share of incremental value by 2017 from incremental net interest revenue depending on the pace of short-term interest rate normalization"

"You may find yourself at the fulcrum of choosing between protecting consumers or protecting the Company. Based upon our research, we do not believe you can do both."

"We compared AGO’s internal ratings of its largest “below investment grade” risks with third-party credit ratings and found that AGO consistently grades them higher."

"Oasis believes that by implementing a marketing campaign and looking to expand well beyond its traditional salon channel, Oribe should reach similar revenue levels."

"Samsara's valuation defies any reasonable explanation other than sell-side promoters and investors buying into the Kool-Aid that it is a world leading SaaS company."

"A benchmarking analysis of high growth data technology peers suggests that C3's total lease burden relative to its current employee base is 2.2x greater than peers."

"G-fees, and in turn, mortgage rates, would need to be as much as 160bps higher to deliver economic returns for new participants with significant economies of scale."

"A 2.5% equity ratio would provide the GSEs with a fortress balance sheet that would provide 5 times more capital than historical levels for their guarantee business"

"However, we also found it heavily price discounted by 55% at a grocery store specializing in "overstocked, overstocked, repackaged, seasonal and close dated items.""

"We believe the Company is attempting to harass Starboard and our nominees and falsely insinuate there are undisclosed agreements between Starboard and our nominees."

"Actual revenue for the Company’s TiO2 business ended up significantly lower than what had been communicated to shareholders at the time of the Rockwood transaction."

"The creation of SeparateCos could lead to an increase in the underlying trading multiple for the combined units versus the current blended trading multiple for TWX."

"Based on the analysis, Publishing is assumed to have an enterprise value of $13.4 - $15.8 billion or 11.0x - 13.0x trailing OIBDA multiple as shown in Exhibit 4.72."

"DV’s Sponsor And Management Are Dumping Vast Quantities of Stock. Its Board Recently Appointed An Executive Associated With Financial Misconduct At American Express"

"Unlike the shipping expense which varies depending on the quantity of product ordered and whether or not distributors pick up the product, the 7% Surcharge is fixed"

"Personal Volume is the monthly volume requirement that determines whether a distributor gets their paycheck; Organization Volume determines the size of the paycheck"

"Does not have direct access to docks for export given existing Sweeny docks are utilized by NGL facilities; estimated to lower profits by ~3c/gal on ~25% of exports"

"Please indicate your confirmation that the Exemption has been granted by the Board of Directors of the Company by executing this letter in the space provided below."

"The egregiousness of the “Clean Advantage” fraud is most apparent when compared to direct competitor WEX’s own green partnership with WeForest for carbon reduction."

"Intuit trades at a premium SaaS multiple, yet the Company provides investors none of the typical SaaS business and financial metrics used to analyze such companies."

"Working capital strain is evident by examining Mettler’s days sales and inventory outstanding (DSO). We find that the combination of the two is now at a cycle high."

"CareDx likes to boast that surveillance usage "helps build the recurring revenue effect of AlloSure" but we think that it's helped build an AlloSure house of cards."

"New Red Lobster’s valuation will be hindered by its poor performance. It may trade at one of the lowest, if not THE lowest, multiples in the casual dining industry."

"Si compras estos contactos e inscribes un cierto número de personas este mes, esas personas van a hacer lo mismo también y... finalmente, es un esquema de pirámide."

"To appreciate how extraordinary this compensation is, consider the track records and compensation of the two most accomplished CEOs in REIT history, in our opinion:"

"The discrepancy between YDT's 12/31/2012 total accounts payable of $3.7 million, versus NQ's purported accounts receivable from YDT of $9.4 million, is meaningless."

"With 24 years of tenure, Mr. Gerber cannot possibly be considered “independent” beyond any doubt. BlackRock’s standard of governance has been damaged by this choice"

"Scientists don't 'want to use BLI because they'd have to "rebuild their entire research platform" with a technology that will be don't 'want obsolete in a few years"

"It's been the bottleneck in Berkeley Lights being more useful, even though they advertise that you're supposed to be able to do functional assays on the instrument."

"“Extensively tested” the machine across two business units and concluded it didn’t have a value proposition; even “ran some specific studies”; “was hard to justify”"

"Lasertec's actinic EUV tool is so defective and unreliable that TSMC, Intel, and Samsung have all quietly substituted non-EUV alternatives for inspecting EUV masks."

"TAL's auditor, Deloitte Touche Tohmatsu, failed in our view to do basic work that would have flagged the transfer of DFRL to Shunshun as a related party disclosure."

"In 2016, DFRL’s liabilities were substantially all (97.4%) composed of pre-payments or advances from customers; or as stated in TAL’s financials, deferred revenues."

"Spruce Point believes that current market data services fail to accurately reflect ROAD’s share count and capital structure pro forma for the Lone Star acquisition."

"Together with the Lianjia stores' existing home sales GTV overstatement, our collected data suggests BEKE inflated its existing home sales GTV by 33% in 2Q-3Q 2021."

"Based on incremental operating earnings from potential Professional Services gross margins of ~10% to 20% as compared to LTM 03/31/12 reported gross margin of 0.8%."

"The 2024 refining environment was above the 2012 - 19 average used by PSX to set their mid-cycle refining EBITDA target of $4bn. PSX 2024 refining EBITDA was ~$1bn."

"Glencore is a sophisticated counterparty, but also a controversial one that recently settled criminal charges with the U.S. DoJ for bribery and market manipulation."

"Similarweb analytics shows a -27% decline in web-traffic to SnapAV's homepage and generally flat traffic to its order status page since REZI closed its acquisition."

"Motif executive chuckled when saying they’re “independent” of Ginkgo; suggested Motif spend was controlled by a Motif “employee” who was acting in Ginkgo’s interest"

"PBH continues to not disclose new product revenue contributions or R&D costs. According to the SEC’s letter to B&G, if material, this information must be disclosed."

"Because Huishan has in fact been purchasing substantial quantities of alfalfa from third parties, its profits have been fraudulently overstated by a massive amount."

"While the company purportedly saved RMB 1,646 in annual feed costs per cow, it lost RMB 2,208 in sales per cow, which equals a net marginal loss of RMB 562 per cow."

"New and modern distillery capacity is rapidly entering the market while MGPI's old assets are currently trading at a historic valuation multiple near 6x book value!"

"Monetary policy and regulations have combined like a failed chemistry experiment to create a potentially destructive force that should not exist outside of fiction."

"But this all worked because the data they were selling was based on choosing the exact patients they wanted. A lot of it was just biased. It wasn’t real-world data."

"KOL's indicated that the problem is so pervasive that patients are then stranded and dumped as the doctor who did the trial has no desire to do a permanent implant."

"Athena just announced its first two trial customers last month. This is very much a work-in-progress, and it is unclear whether athena will succeed in this segment."

"BY FOLLOWING MARATHON'S PATH AND USING SALE PROCEEDS TO REPURCHASE SHARES, PHILLIPS COULD RETIRE A MAJORITY OF ITS SHARES AND INCREASE THE SHARE PRICE SIGNIFICANTLY"

"Based on our research, we believe AOS spent nearly $174m on the project, or ~6.5% of average sales over the time period - significantly more than avg. ERP projects."

"Retraining Norfolk Southern's employees to prioritize these ingredients requires a new management team, which can only be accomplished with a majority of the Board."

"We believe large retail partners are more likely to have a greater product offering on their shelves in the robotic vacuum category; this is a big negative for IRBT"

"Given the lower Cmax for a similar AUC, DCCR may lower the frequency and severity of Cmax related adverse events compared to diazoxide oral suspension (Study PK001)"

"the drug and the disease are not compatible, so don’t try it based on the physiology of the drug and the lack of that physiology that works normally in the patient."

"I don’t really know why a drug that’s targeted at children would ever be a tablet because it’s a nightmare...I don’t know they’ve picked a tablet over a suspension."

"If LSPD really did acquire Crank Logic as it claims, why were regulatory documents filed in California over 20 months later listing its founder Justin Laing as CEO?"

"Brendel and Ryans hypothesis that defamation lawsuits against short sellers are predominantly a “bluffing strategy” is strongly supported by our empirical findings."